Nestle, Kraft Heinz, Hindustan Unilever, Tata, ITC, Orkla and Nissin Foods are among the contenders for an estimated $1-$1.25 billion plus buyout of Capital Foods Pvt Ltd, the maker of condiments, food products and ingredients under the Ching’s Secret and Smith & Jones brands, said people with knowledge of the matter.
Capital Food’s three main shareholders decided to put the company up for sale late last year. The three are Invus Group, a European family office and investment arm, with a 40% stake, US private equity group General Atlantic (35%) and Ajay Gupta (25%), founder chairman of Capital Foods and a former advertising boss turned food entrepreneur. ET was the first to report on the sale plan November 14, 2022.
(With inputs from agencies)